作者：Xue, Hao; Zheng, Ronghuo
作者单位：Duke University; University of Texas System; University of Texas Austin
摘要：This paper examines how a firm adjusts its disclosure quality in response to technological innovations that improve investors' private information. We show that more precise private information can endogenously amplify supply shocks and, hence, increase noise driven (or non-fundamental) price volatility. We study how the firm reacts to such changes and derive a necessary and sufficient condition under which the firm improves its disclosure quality when investors are informed with better privat...
